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Commission Approval of Amendment: Certain Advisors
Commission Approval of Amendment: Certain Advisors
IN THE MATTER OF CERTAIN ADVISERS
Notice of Amendment
The Commission has, under section 143 of the Securities Act (the "Act"), amended the ruleentitled In the Matter of Certain Advisers (1997), 20 OSCB 1217, as amended by (1998),21 OSCB 6432 (the "Rule"). The amendment extends the expiration date of the Rule fromDecember 31, 1999 to December 31, 2000. This amendment, however, does notmaterially change the Rule and, accordingly, under section 143.2 of the Act, theCommission has not published the amendment for comment.
The amendment and the material required by the Act to be delivered to the Minister ofFinance were delivered on October 5, 1999. If the Minister does not approve theamendment, reject the amendment or return it to the Commission for further consideration,the amendment will come into force on December 19, 1999. If the Minister does approvethe amendment, the amendment will come into force 15 days after it is approved.
Substance and Purpose of Amendment
The Rule replaced the deemed rule entitled In the Matter of Certain Advisers (1992), 15OSCB 1955.
The Rule provides that it expires on the earlier of the date on which a new rule intendedto replace it comes into force and December 31, 1999. Proposed Rule 35-502International Advisers, which is intended to replace the Rule, was published for commenton October 2, 1998 at (1998), 21 OSCB 6263. Given the complexity and urgency of thevarious matters currently before the Commission and staff resources, it has not beenpossible to finalize the proposed Rule. The purpose of the amendment is to extend theexpiration date of the Rule from December 31, 1999 to December 31, 2000 in order toallow the Commission appropriate time to finalize the proposed Rule.
Text of Amendment
The text of the amendment follows.
DATED: October 8, 1999.
IN THE MATTER OF CERTAIN ADVISERS
1.1 Amendment - The Rule entitled In the Matter of Certain Advisers is amended bydeleting "December 31, 1999" in the last sentence and replacing it with "December31, 2000."